PITTSBURGH _ PPG has closed on the sale of its remaining fiberglass facilities to Nippon Electric Glass Co. _ ending the company's long history in the glass industry.
Proceeds from the sale were about $541 million pre-tax, according to PPG, which is now solely focused on making paints and coatings.
The fiberglass deal includes manufacturing plants in Chester, S.C.; and Lexington and Shelby, N.C.; and research and development centers in Harmar, and Shelby, N.C.
The unit has more than 1,000 employees and generated sales of about $350 million last year, Pittsburgh-based PPG said. Fiberglass is reinforced plastic used in electronic circuit boards and for other applications in industrial, transportation and consumer markets.
Last year, PPG sold its European fiberglass operations to Nippon Electric and also divested its stake in two Asian fiberglass ventures. It also sold its North American flat glass business last year to Mexico-based Vitro S.A.B. de C.V.
The company was founded as Pittsburgh Plate Glass in the 1880s.
